Buying a Home on the East End/North Fork of Long Island
June 30th, 2009 category: Buyers, Real Estate News
http://www.bloomberg.com/apps/news?pid=20601213&sid=aedS3XGrNmSA
If you’re a first time buyer, new to the home buying game, among the many things that must be identified prior to your search is your credit score.
With lenders tightening all aspects of qualifying for a new home, the above article provides insight as to the impact that recent changes to your credit cards might have on a credit score that has always been well maintained by you.
There doesn’t seem to be a consistent method taken by banks when reducing a credit line, but clearly this arbitrary lowering of a credit limit by your credit card issuer may well damage what has always been a high score, with no missed payments or issues on your part, as a diligent consumer.
If you discover that your score has been lowered due to forces outside of your control, such as an arbitrary reduction, start by contacting the bank involved, and see if it’s possible to return your limit to the original understanding between you and your bank.
Being prepared is everything- knowing what obstacles will need to be overcome in order to achieve the best rate for your purchase is homework well worth undertaking- the results of your diligence might save you thousands of dollars over the long-term.
For additional insights on credit scores, please visit: www.myfico.com
If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.
To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.
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